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Summary
In this paper a systematic generalization of the functional form of import demand equations for the Republic of Ireland is undertaken. This is based on the Box & Cox (1964) method of analysis of transformations. The most extensively reported version of the Box-Cox family of transformations is onewhere the same transformation is applied to all the variables in a model (i.e. a constrained formulation) and the present paper represents an extension of this procedure for an unconstrained or more fully generalized formulation. Computationally this is facilitated by an algorithm developed by one of the authors for the purpose of this paper. The generalization of functional form is found to have a substantial effect on the parameter estimates and the economic implications of the changes in these estimates are examined.
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